The marginal revenue product is the extra revenue the firm receives by selling one additional unit of output.
Answer the following statement true (T) or false (F)
False
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Lisa views pizzas and burritos as goods. If she prefers a bundle of four burritos and four pizzas to a bundle of four burritos and five pizzas, which property of consumer preference is violated? What change in the assumptions could lead a rational
consumer to prefer the first bundle?
Subjective evaluations
A) lend themselves to easy measurement. B) are objective in nature. C) are directly measured by productivity. D) are based on opinion.
Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the likely result would be a
a. shift in the supply curve for aluminum bats. b. shift in the supply curve for wooden bats. c. change in the quantity supplied of aluminum bats. d. persistent shortage of aluminum bats.
A macroeconomist, rather than a microeconomist, would study the effects on a market from two firms merging
a. True b. False Indicate whether the statement is true or false